2020 and Beyond… !
This year, I have the pleasure to give you the customary highlights of 2019 as well as our first impressions, targets and expectations for 2020.
A new partnership…
This statement comes slightly later than usual, but the recent press announcement that the West of England P&I Club (WEST) has become a shareholder in Nordic explains that.
First of all, we are extremely proud to have attracted one of the most respected IG Clubs to participate and share our mission to provide “one size fits one” niche “mainstream gap” solutions.
"This new partnership does not change in any way the modus operandi of Nordic, which remains a totally independent niche provider."
And a continuing partnership…
Of course, Nordic will continue the co-operation Alandia in the mainstream H&M segment for the international markets, and Alandia will continue to be one of our reinsurers and producers.
The co-operation with Alandia has proved to be mutually beneficial, with close to 1,200 ships were added to Alandia’s portfolio, with so far good results, and new clients taking up one of our covers thanks to the synergies created by our co-operation.
We have been privileged to work so closely these last three years with them and look forward to many more.
Nordic – 2019 and beyond…
Our usual growth target is to add 100 vessels per year to our portfolio, because this is the rhythm of growth that will enable us to keep delivering what has always been our first priority: first class commercial and claims’ service to all clients.
In his message last year Dan announced that with the acquisition of around 170 new ships in January 2019 our portfolio grew to almost 700 ships insured for the primary delay cover.
In 2019 over 20 new clients were added to our delay portfolio, many of which taking the decision to entrust Nordic with the continuity of their cover for the primary layer delays.
We are very proud of the above figures as, first and foremost, they attest of the continuing satisfaction of our existing clients with the solutions and service we thrive to deliver.
They also underline the growing acknowledgement of Nordic’s selective and professional approach to provide cost and work efficient “mainstream gap” solutions and commitment to deliver first class individual service.
We are proud of being a dedicated marine niche insurer and realise the importance of being able to adapt our activity to the changing needs of first class prudent operators.
"The continuing growth we experience in all markets is a clear sign of market’s recognition of Nordic..."
… as the leading driving force of development of niche marine insurance solutions… something we are very proud of and thank all our partners for.
The team today…
Thanks to the increase in business, and in order to ensure the quality in level of service delivered, during 2019 Yiannis Minovioudis joined Nordic.
Yiannis joined as an underwriter, is based in our Greek office with Constantinos Elmaoglou and has a solid experience in H&M underwriting.
We will soon further beef up the claims’ team with one more person and give our Claims’ Director Magnus Hammarqvist a needed help and lay the foundations for the continuity and further development.
Magnus has largely contributed in the “ad hoc” developments designed to respond to new areas of risk for clients such as scrubbers or the, then, impending Sulphur 2020 regulations.
As most brokers and operators keep telling us: things are not likely to get easier!… so he has plenty of work cut out for him this year already!
Finally, a special mention for our accounting and compliance support teams, thanks to which Nordic’s first quality service is provided. The good feedback from our business associates on how swift and efficient those support functions work at Nordic is vital and instrumental to providing first class service to brokers, clients and reinsurers.
Nordic – The story so far…
Besides the earlier facts and figures I want to spend a few words in a very short “rewind and replay” and share with you the fantastic journey that Nordic has been, is and will continue to be.
As many of you know, I participated to creating and developing our core product, the primary layer delay cover, well before creating Nordic with Dan. Many other products have followed since, latest of which is our comprehensive marine cyber insurance (more details here), but the primary delay cover was for obvious reasons the starting point, and is a very special project at a personal level.
Since creating Nordic, we have broadened the scope of the primary delay cover to a format now systematically followed by other providers. Providers that despite bigger means, will never match our passion for being exclusive, our curiosity for new risks and finding “out of the box” solutions or our commitment to understand and serve operators trading in a context simply unforeseeable, as recent events reminded us, again.
Of course, this adventure is still a baby and the new chapter that has just begun will bring new challenges and opportunities, something we cannot wait for!
We strongly believe that it will become more and more obvious to operators that going beyond “ticking the box” of compulsory “mainstream” covers will be the safest route to long-term profits…
…and we believe just as strongly that Nordic is the ideal partner to share the voyage with.